<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): APRIL 19, 2000
IBIS TECHNOLOGY CORPORATION
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(Exact name of registrant as specified in its charter)
MASSACHUSETTS 0-23150 04-2987600
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
32 CHERRY HILL DRIVE, DANVERS, MASSACHUSETTS 01923
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (978) 777-4247
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ITEM 5. OTHER EVENTS.
On April 19, 2000, the Registrant publicly disseminated a press
release announcing its financial results for the first quarter ended March 31,
2000.
The Registrant's revenues for the first quarter ended March 31, 2000
were $2,039,000 as compared to $4,448,000 reported in the first quarter of 1999.
This decrease was due to an 89% decrease in equipment revenue, which primarily
resulted from the timing of the receipt of a purchase order for equipment. This
decrease was partially offset by a 26% increase in SIMOX-SOI wafer sales for the
first quarter of 2000 to $1.6 million, a new record for the Registrant, compared
to $1.3 million for the first quarter of 1999. Net loss for the first quarter of
2000 was $371,000 or $0.05 per share, compared to net income of $246,000, or
$0.03 per share, for the first quarter of 1999. These per share numbers reflect
the decrease in equipment revenue, as well as an increase in operating expenses,
primarily research and development expenses. The Registrant believes that these
quarterly results reflect the typical industry adoption cycle of a new
technology such as SIMOX-SOI which can result in fluctuations in quarterly
revenues and profits.
The information contained in the press release is incorporated herein
by reference and filed as Exhibit 99.1 hereto.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
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(c) Exhibit.
99.1 The Registrant's Press Release dated April 19, 2000.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
IBIS TECHNOLOGY CORPORATION
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(Registrant)
Date: April 24, 2000 /S/ DEBRA L. NELSON
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Debra L. Nelson, Chief Financial Officer
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EXHIBIT INDEX
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Exhibit Sequential
NUMBER DESCRIPTION PAGE NUMBER
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99.1 The Registrant's Press Release 5
dated April 19, 2000
<PAGE>
EXHIBIT 99.1
IBIS TECHNOLOGY ANNOUNCES FIRST QUARTER RESULTS
RECORD NUMBER OF WAFERS SHIPPED IN 2000 FIRST QUARTER
BUSINESS WIRE - APRIL 19, 2000 17:36
DANVERS, Mass.--(BUSINESS WIRE)--April 19, 2000--Ibis Technology Corporation
(NASDAQ: IBIS), a leading manufacturer and supplier of SIMOX-SOI (Separation
by IMplantation of OXygen/Silicon-On-Insulator) implantation equipment and
wafers to semiconductor manufacturers, today announced its financial results
for the first quarter ended March 31, 2000.
Revenues for the first quarter ended March 31, 2000 were $2,039,000, as
compared to $4,448,000 reported in the first quarter of 1999. The decrease in
revenues for the quarter was due to an 89% decrease in equipment revenue
which primarily resulted from the timing of the receipt of a purchase order
for equipment. This decrease was partially offset by a 26% increase in
SIMOX-SOI wafer sales for the first quarter of 2000 to $1.6 million, a new
record for Ibis, compared to $1.3 million for the first quarter of 1999. The
Company is currently operating three implanters at capacity and plans to add
five additional implanters this year.
Net loss for the 2000 first quarter was $371,000 or $0.05 per share, compared
to net income of $246,000, or $0.03 per share, in the similar period a year
ago. The per share numbers reflect the decrease in equipment revenue, as well
as an increase in operating expenses, primarily research and development
expenses. The Company believes that its quarterly results reflect the typical
industry adoption cycle of a new technology such as SIMOX-SOI which can
result in fluctuations in quarterly revenues and profits.
The Company recently announced the receipt of $6 million in orders for an
Ibis 1000 oxygen implanter and capacity reservation for additional equipment
and/or SIMOX-SOI wafers from its largest customer, a leading domestic
semiconductor manufacturer. The sale of this implanter adds to a base of
implanters that have been purchased by them over recent years. The capacity
reservation allows this customer to utilize a purchase credit toward an
additional implanter (Ibis 1000 or Ibis 2000) or SIMOX-SOI wafers.
Martin J. Reid, President and Chief Executive Officer of Ibis Technology
Corporation, stated: "We believe that the increase in SIMOX-SOI wafer sales
is a good indication that our main wafer customers are increasing their
requirements for manufacturing integrated circuits or optical components for
Internet connections on SIMOX-SOI. We anticipate that we will continue to see
increases in SIMOX-SOI wafer sales as our current customers continue to ramp
up production and new customers sample our SIMOX-SOI products.
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"We are also very encouraged by the feedback we have been receiving from our
customers regarding our new Advantox(R) 150 material. We have always believed
that quality SOI wafers would have to be available at sufficiently low costs
in order to obtain broad industry adoption. Our strategy has been to reduce
the costs of the material and increase the available capacity by moving to
thinner buried insulating layers, which require less time to implant. Process
optimization, combined with yield improvements due to upgrades made to the
Ibis 1000 implanters during the past two quarters, have led to higher quality
thin insulating layer material such as Advantox(R) 150 and our other
Advantox(R) products. This material has a lower cost than competing SOI
materials, including the standard SIMOX used in applications as previously
mentioned in this release.
Mr. Reid continued: "As we move forward, we expect the trend to thinner
layers for CMOS applications to persist. We plan to continue to increase the
throughput of our oxygen implanters with additional Advantox(R) products and
the development of our Ibis 2000 implanter. Improved throughput will allow
for reduced cost which we believe will dramatically increase the number of
wafers that the industry will use and will ultimately drive the demand for
our implanters and thin buried insulating layer processes. We are presently
seeing an expansion of our customer base and a shift in interest to the
thinner insulating layer material, having a thickness of about 150 nm, for
0.18 to 0.13 micron CMOS applications. Our customers are also expressing
interest in even thinner insulating layer products for future CMOS process
development work. Ibis views this as a tremendous validation of our strategy."
SIMOX-SOI wafers are Silicon-On-Insulator wafers that enable the production
of integrated circuits which the Company believes offer significant
advantages over circuits constructed on conventional silicon or epitaxial
wafers. These advantages include improved microprocessor speed, reduced power
consumption, lower soft error rates and higher temperature operation. Ibis'
SIMOX-SOI implantation equipment consists of advanced proprietary high
current Ibis 1000 oxygen implanters.
About Ibis Technology
Ibis Technology Corporation is a premier manufacturer and supplier of
enhanced silicon-on-insulator substrates and equipment for the worldwide
semiconductor industry. The company is headquartered in Danvers, Massachusetts
and maintains an office in Aptos, California.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: This release may contain forward-looking statements that are subject to
certain risks and uncertainties including statements regarding the Company's
plans to add five implanters in 2000, the potential purchase by our largest
customer of additional equipment or wafers, the anticipated increase in
SIMOX-SOI wafer sales, the Company's expectations regarding the evolving SOI
market, and the expected impact of improving the throughput of the Company's
implanters. Such statements are based upon management's current expectations
that are subject to risks and uncertainties that could cause actual results
to differ materially from those set forth in or implied by forward-looking
statements, including, but not limited to, product demand and market
acceptance risks, general economic conditions, the impact of competitive
products, technologies and pricing, the impact of rapidly changing
technology, equipment capacity and supply constraints or difficulties,
limitations on the ability to protect the Company's patents and proprietary
technology, the Company's limited history with regard to sales of implanters,
the cyclical nature of the semiconductor industry, and other risks described
in the Company's Securities and Exchange Commission filings.
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Ibis Technology Corporation
Condensed Statements of Operations
<TABLE>
<CAPTION>
First Quarter Ended
March 31,
2000 1999
<S> <C> <C>
Product sales $ 1,644,000 $ 1,300,000
Contract and other revenue 79,000 285,000
Equipment revenue 316,000 2,863,000
Total revenue 2,039,000 4,448,000
Cost of product sales 933,000 1,246,000
Cost of contract and other revenue 52,000 105,000
Cost of equipment revenue 132,000 1,971,000
Gross profit 922,000 1,126,000
Operating expenses 1,787,000 1,028,000
Income (loss) from operations (865,000) 98,000
Other income 494,000 148,000
Net income (loss) $ (371,000) $ 246,000
Net income (loss) per share
Basic $ (0.05) $ 0.04
Diluted $ (0.05) $ 0.03
Weighted average number of shares
used in per share calculation
Basic 8,210,655 6,878,188
Diluted 8,210,655 7,198,864
</TABLE>
Condensed Balance Sheets
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
<S> <C> <C>
Assets
Current assets:
Cash and cash equivalents $ 32,073,000 $ 36,362,000
Accounts receivable 3,528,000 3,586,000
Unbilled revenue 1,657,000 1,469,000
Inventories 7,851,000 6,876,000
Other current assets 196,000 333,000
45,305,000 48,626,000
Property and equipment 7,595,000 4,976,000
Other assets 377,000 125,000
$ 53,277,000 $ 53,727,000
Liabilities and Stockholders' Equity
Current liabilities:
Capital lease obligation, current $ 10,000 $ 10,000
Accounts payable and other current
liabilities 4,701,000 5,307,000
4,711,000 5,317,000
Capital lease obligation, long-term 27,000 30,000
Other liabilities -- --
Stockholders' equity 48,539,000 48,380,000
$ 53,277,000 $ 53,727,000
</TABLE>
CONTACT: Ibis Technology Corporation
Debra L. Nelson, (978) 777-4247
